Morocco Property enters the Premier League with Moroccan Sands
August 13, 2008 (PRLEAP.COM) Business NewsLeading property magazine Homes Overseas today announced that Morocco had entered the Premier League of overseas destinations and is now amongst the elite destinations to buy a property abroad.
For seasoned Morocco-watchers this comes as no surprise. Michael Kent, Managing Director of Morocco Property specialists Moroccan Sands commented "Morocco offers so many advantages to overseas buyers that I'm surprised it's taken this long. We're seeing enquiries rising all the time as more and more people see the benefits of Morocco. With a pro-active government, rising prises and easily available credit the conditions are ideal for a successful Moroccan property investment."
"What's more the so called "credit crunch" has had little effect in the Moroccan market. Moroccan banks were barred from exposing themselves to the international credit markets as the Dirham is a non-exchangeable currency, so the banking sector is in a healthy state and Moroccan mortgages for overseas buyers easy to obtain."
The majority of property demand comes in Morocco comes from France, domestic buyers and the Middle East, all countries where house prices have remained steady or rising and so the market has been largely unaffected by the collapse of confidence from UK, US and Irish buyers.
Morocco has seen a dramatic increase in the numbers of people visiting and buying property in the country over the last few years. Recent figures from the Tourist Authority show that visitor numbers were up by 8% on last year and that the government is on course to meet its 10 million visitors per year by 2010.
"With property prices starting from around £60,000 for a decent unit, Morocco isn't the cheapest destination – but that's because people realise the profits to be made from property here and that never comes cheap."